Quiz about MMA Unit 5 Vocabulary Income, Taxes and Banking

Question 1

How much you make per hour of work

Accepted Answer

Hourly pay

Answer

Overtime

Answer

Salary

Answer

Minimum wage

Question 2

Hours that you work past 40 hours a week. (Pay is times 1.5 the normal rate.)

Accepted Answer

Overtime

Answer

Hourly pay

Answer

Salary

Answer

Minimum wage

Question 3

The minimum amount per hour that is allowed in a state or city.

Accepted Answer

Minimum wage

Answer

Hourly pay

Answer

Overtime

Answer

Salary

Question 4

A set amount that you make per year.

Accepted Answer

Salary

Answer

Hourly pay

Answer

Overtime

Answer

Minimum wage

Question 5

A percentage of sales.

Accepted Answer

Commission

Answer

Investments

Answer

Profits

Answer

Salary

Question 6

You can make money with the money you have saved in the form of interest.

Accepted Answer

Investments

Answer

Commission

Answer

Profits

Answer

Salary

Question 7

Money that a company makes beyond its expenses can be distributed to owners or stockholders.

Accepted Answer

Profits

Answer

Commission

Answer

Investments

Answer

Salary

Question 8

A set amount that you make per year.

Accepted Answer

Salary

Answer

Commission

Answer

Investments

Answer

Profits

Question 9

1.4% of gross pay. Medical coverage for those over 65.

Accepted Answer

Medicare Tax

Answer

Social Security Tax

Answer

Federal Income Tax Withholdings

Answer

Savings/Retirement 401(k):

Question 10

6.2% of gross pay. Small retirement payments for those over 65.

Accepted Answer

Social Security Tax

Answer

Medicare Tax

Answer

Federal Income Tax Withholdings

Answer

Savings/Retirement 401(k):

Question 11

Amount that the company withholds from your check toward Federal Income Taxes. Found from Tax Withholding Charts

Accepted Answer

Federal Income Tax Withholdings

Answer

Medicare Tax

Answer

Social Security Tax

Answer

Savings/Retirement 401(k):

Question 12

Amount that the company withholds from your check towards your private retirement account.

Accepted Answer

Savings/Retirement 401(k):

Answer

Medicare Tax

Answer

Social Security Tax

Answer

Federal Income Tax Withholdings

Question 13

The government agency that collects income tax.

Accepted Answer

IRS: Internal Revenue Service.

Answer

Gross Income

Answer

Standard Deduction

Answer

Taxable Income - Adjusted Gross Income

Question 14

The total amount of income that you made from all sources

Accepted Answer

Gross Income

Answer

IRS: Internal Revenue Service.

Answer

Standard Deduction

Answer

Taxable Income - Adjusted Gross Income

Question 15

An amount that you can claim as a deduction from your gross income if you do not itemize.

Accepted Answer

Standard Deduction

Answer

IRS: Internal Revenue Service.

Answer

Gross Income

Answer

Taxable Income - Adjusted Gross Income

Question 16

Your gross income minus any allowed deductions or credits.

Accepted Answer

Taxable Income - Adjusted Gross Income

Answer

IRS: Internal Revenue Service.

Answer

Gross Income

Answer

Standard Deduction

Question 17

An account where you store money to save. They pay a small interest rate.

Accepted Answer

Savings account

Answer

Checking account

Answer

Debit Card

Answer

Check

Answer

Overdraft

Question 18

An account used to access your money on a regular basis. You usually use checks or a debt card to access the money.

Accepted Answer

Checking account

Answer

Savings account

Answer

Debit Card

Answer

Check

Answer

Overdraft

Question 19

A card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase.

Accepted Answer

Debit Card

Answer

Savings account

Answer

Checking account

Answer

Check

Answer

Overdraft

Question 20

A paper that instructs your bank to pay a certain amount to someone else.

Accepted Answer

Check

Answer

Savings account

Answer

Checking account

Answer

Debit Card

Answer

Overdraft

Question 21

A fee charged by a bank if you write a check or use a debit card when there is not enough money in the account to cover it. The bank may or may not cover the amount but will still charge the fee.

Accepted Answer

Overdraft

Answer

Savings account

Answer

Checking account

Answer

Debit Card

Answer

Check

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